The bill includes a requirement that nearly all Americans buy health insurance, and it allows uninsured or self-employed people to buy private insurance through a regulated exchange.

Franken said it will extend coverage to more than 30 million people and will provide incentives for states to provide a higher quality of care.

"What we do in the Minnesota really well--and we get punished for it--is deliver high quality care at low cost," Franken said. "And one of the things that Amy and I have been very focused on and getting in the bill is a value index, which will change the formula for Medicare reimbursements."

The bill also prevents insurance companies from denying coverage to people with pre-existing conditions. The bill does not include a government-run insurance option.